ATOM - VanEck Crypto Monthly Recap For February 2024

2024-03-07 08:20:00 ET

Summary

• Bitcoin rallied 45%, its best monthly performance since December 2020 and its largest monthly candle ever in dollar terms.
• An emerging narrative that re-surfaced in February is the creation of protocols that make Bitcoin more useful.
• Outside of the major themes of the month, we saw renewed interest in DEXes and value accrual to their tokens.

In February, Ethereum surpassed Bitcoin, rallying 48% compared to Bitcoin's 45% gain - Bitcoin's best monthly performance since December 2020 and its largest monthly candle ever in dollar terms.

Please note that VanEck may have a position(s) in the digital asset(s) described below.

Bitcoin rallied 45%, its best monthly performance since December 2020 and its largest monthly candle ever in dollar terms. The new U.S. spot bitcoin ETFs have bought more than 5 times new Bitcoin supply since their January 10th launch and more than 10 times new supply in the last week of February. Even Marathon, the largest publicly traded U.S. miner, announced in an earnings call that the company bought the ETF with spare cash on a dip. The ETF wrapper, akin to an API connection from TradFi to Bitcoin, makes it much easier to purchase and custody the asset in an affordable and compliant fashion. Among new entrants to the space, Reddit announced it had bought Bitcoin and Ethereum for its balance sheet in an IPO filing, Ethiopia revealed its state-sponsored foray into bitcoin mining, and Merrill Lynch and Wells Fargo rolled out access to the bitcoin ETFs to select wealth management clients with brokerage accounts....

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